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Meralco-led consortium inks deal with BCDA for New Clark City

MANILA Electric Co. (Meralco), the country’s largest power utility, and its consortium partners have signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) to manage the distribution of electricity in New Clark City.

Under the agreement, the consortium will put up a special purpose company that will have equity stake equivalent to 90% in the joint venture company (JVC)to be formed with the BCDA.

“The JVC shall then pursue and undertake the financing, design and engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City,” Meralco told the stock exchange on Thursday.

Aside from Meralco, the consortium is comprised of Marubeni Corp., The Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc.

Meralco, which has a customer count of around 6.5 million, owns a 60% equity stake in the consortium.

Lawrence S. Fernandez, Meralco vice-president and head of utility economics, said in a chance interview that the consortium partners had set certain “milestones” in order to meet the requirements of the Southeast Asian Games (SEA) in November.

“October is the date when we really have to be ready for preparations for Southeast Asian Games. We will have a substation plus distribution system,” he said.

“When they released the bid rules they said that the estimated capital expenditure for the DU (distribution utility) is around P6.3 billion for the 25 years of the utility,” Mr. Fernandez said. “Siyempre (Of course), it will come as the load comes.”

In December last year, BCDA said the Meralco-led consortium offered the lowest power distribution rate for New Clark City. The consortium submitted a tariff bid of P0.6188 per kilowatt-hour (kWh).

The rate is lower than the P0.9888/kWh proposal put forward by the Aboitiz-KEPCO consortium of Olongapo Energy Corp. Both bids were below the P1.25/kWh tariff limit set by BCDA.

The first phase of the New Clark City development covers the construction of the so-called National Government Administrative Center and sports facilities, which will host the SEA Games this year.

Mr. Fernandez previously said the award was given on Jan. 18, 2019. BCDA aims to transform New Clark City into the country’s first smart and green metropolis. — Victor V. Saulon

Airbus CEO’s exit package excessive: French minister

PARIS — A retirement pot of almost 40 million euros ($44.78 million) for outgoing Airbus Chief Executive Officer Tom Enders is excessive and may harm the company’s image, France’s finance minister said in remarks published on Tuesday.

His overall retirement package and future potential share earnings are worth 36.8 million euros, according to company filings and corporate governance firm Proxinvest.

“The figure announced regarding Tom Enders is obviously excessive and could harm the reputation of Airbus,” Finance Minister Bruno le Maire told Les Echos newspaper. “I call on the directors of Airbus to draw the (necessary) conclusions.”

France and Germany own 11 percent each of Europe’s largest aerospace group. The French government faces weekly protests about declining living standards, and pay is a sensitive topic.

An Airbus spokesman referred to published financial data.

According to the company’s 2018 financial notes, Enders is entitled to a pension valued as of Dec. 31, 2018, at 26.3 million euros spread over 20 years.

He will also benefit from a non-compete clause worth 3.2 million euros, which is valid for at least a year.

According to Proxinvest, Enders will also be entitled to progressive stock and performance bonuses currently valued at 7.3 million euros.

Enders renounced a further one-off departure bonus, a person close to the company said.

Enders, 60, has overseen sharp rises in the Airbus share price since becoming CEO in 2012. But he has faced criticism in French media and inside parts of the aerospace group for overseeing sweeping compliance probes that led to dozens of senior departures without specific allegations.

Airbus also faces outside investigations led by France and Britain over the use of middlemen.

Enders is under investigation over a fighter deal in Austria and denies any wrongdoing. He initially sought to serve a third term from 2019, then agreed to step down as the board sought fresh faces at the top to ease potential settlement talks with French and UK prosecutors, people familiar with the matter said.

A British judge has ruled that companies that show a new face have a better chance of winning prosecuting agreements.

German-born Enders is however credited with unifying a company once bitterly divided along national lines, as well as simplifying its governance to weed out political influence and making the once state-influenced firm friendlier to investors.

He steps down on April 10 following the annual shareholder meeting, where Frenchman Guillaume Faury will become CEO. — Reuters

Video game highlights PH’s war on drugs

TULAK, an award-winning indie game that tackles the country’s war against illegal drug, is now available to the general public. Developed by alumni from the Game Design Development (GDD) Program of the De La Salle-College of Saint Benilde (DLS-CSB), Tulak won the Best Game for Many, Best Game Art, and Best Narrative of Story at the Animahinasyon 12: 2018 Philippine Animation Festival. Tulak started as a thesis project and later evolved into an adventure game by Team JRMS, an acronym that stands for the first names of its founding members: Jhay Ulilang, Ralph Miraflor, Miguel Hermanos, and Steven Cadena. “Tulak was conceptualized during the heat of the issue on war against drugs. Its aim was not to focus on the deaths linked to the war, but to tell a fictional tale inspired by the stories behind the real tragedies,” Mr. Cadena said in a press release. The final version is a 2D decision-based, puzzle-adventure game set in an imaginary community in Manila. The initial launch comes in Filipino. The game starts with a flashback of the life story of Jed, the main character, who deals illegal drugs for a living. The player then chooses his own path, with each choice affecting future scenarios. The mechanics involve exploring the barangay’s surroundings, interacting with residents, and utilizing household items to solve conundrums. As the protagonist advances, they will meet individuals who want to exploit and hurt them. To reach a wider international audience, an English version is in the works. The game may be downloaded from https://stevencible.itchio/tulak for Windows.

PhilWeb narrows loss in 2018

PHILWEB Corp. trimmed its attributable loss to P77.58 million in 2018, thanks to a 132% jump in revenues as it operated more electronic gaming outlets.

In a regulatory filing, the listed gaming firm reported that net loss attributable to the parent last year was much lower compared to the P293.27 million it posted in 2017. Revenues reached P366.36 million, more than double the amount it booked in the year prior.

PhilWeb attributed the better performance to its recovery of 63 gaming locations using its electronic gaming systems, two of which are dedicated to e-Bingo.

The company previously had 288 operating e-Games cafés licensed by the Philippine Amusement and Gaming Corp. (PAGCOR), but the regulatory authority declined to renew the firm’s license in 2016, hampering its operations.

Following the resolution of issues with PAGCOR, PhilWeb was able resume operations with an initial 16 electronic gaming locations in December 2017. The company was then allowed to fully resume its operations in March 2018.

PhilWeb now offers customers three choices for casino softwares, namely RealTimeGaming, Habanero, and iSoftBet games.

“We are especially proud to note that PhilWeb generated positive cash flow for the first time in three years. Our EBITDA (earnings before income, taxation, depreciation, and amortization) was a positive P9 million, as opposed to the P152 million of negative cash flow in 2017,” PhilWeb President Dennis O. Valdes said in a statement.

PhilWeb Chairman and Chief Executive Officer Gregorio Ma. Araneta III noted that the company has been able to bring down expenses last year, while increasing revenues every quarter for the past two years.

“I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” Mr. Araneta said in a statement.

Shares in PhilWeb jumped 3.02% or eight centavos to close at P2.73 each at the stock exchange on Thursday. — Arra B. Francia

Hotel, restaurant industry hoping for more foreign exchanges to raise employee standards

DAVAO CITY — The Council of Hotel and Restaurant Educators of the Philippines (COHREP) hopes to strike more international faculty exchanges as a means of raising standards for staffing in the tourism industry.

Joji Ilagan-Bian, COHREP 2019 council chair, noted that the country’s growing hospitality industry, which currently employs almost half a million people, needs to strengthen the quality of academic training.

At the COHREP 27th Annual Convention held in Davao City earlier this year, Ms. Bian said the council’s members, together with tourism stakeholders and government agencies, set a goal of improving qualifications and setting guidelines for hotel and restaurant management education and expanding academic research.

“This year’s convention also gave industry members the opportunity to provide their valuable input in aiding the development of the hospitality industry,” Ms. Ilagan-Bian, also the honorary consul general of Bangladesh for Mindanao, said in an interview.

Nicole Hao Bian, COHREP-Davao Region president, said stronger collaboration with educators worldwide will give the Philippine industry a better grasp of international standards.

“By benchmarking… we will be able to help our hospitality schools… especially educators who also need extra exposure,” Ms. Bian said. — Maya M. Padillo

Metrobank raises P17.5B

METROPOLITAN BANK & Trust Co. (Metrobank) raised P17.5 billion in fresh funds via fixed-rate bonds, higher than its initial target.

In a regulatory filing Thursday, the Ty-led lender said it successfully raised P17.5 billion via the three-year bonds after completing its public offer last March 29.

The three-year debt papers carry a coupon rate of 6.3% to be paid quarterly until April 2022.

“The oversubscription of the bonds also allowed Metrobank to price at the tighter end of the indicative price guidance,” the lender’s statement read.

The bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on April 11.

The amount raised was higher than the bank’s initial target of P10 billion as it accommodated strong demand from institutional and individual investors.

The Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank served as joint lead managers and bookrunners for the transaction. The global banks also acted as selling agents alongside Metrobank and First Metro Investment Corp.

The fund-raising activity marks the third tranche of Metrobank’s P100-billion bond program, bringing the issue size so far to P45.5 billion.

In November, the bank raised P10 billion from the issuance of two-year fixed-rate bonds, carrying an interest rate of 7.15%. This was reopened in December to raise an additional P18 billion.

Circular No. 1010 issued by the Bangko Sentral ng Pilipinas (BSP) in August simplifies the process for universal and commercial banks looking to raise funds via bonds, aligning the industry with standards for other privately-owned firms.

The reform forms part of streamlined rules designed to deepen capital markets.

Apart from Metrobank, BDO Unibank, Inc., Rizal Commercial Banking Corp. and UnionBank of the Philippines, Inc. have recently raised capital via peso-denominated bonds to diversify funding sources and expand their businesses.

China Banking Corp., Security Bank Corp. and Philippine National Bank have also established their own peso-denominated bond programs worth P75 billion, P50 billion and P100 billion, respectively, to be issued through tranches.

Metrobank booked a net income of P22 billion in 2018, up 21% from P18.2 billion the previous year, on the back of a healthy expansion in loans.

Shares in Metrobank closed at P79 apiece on Thursday, down 25 centavos or 0.32%. — Karl Angelo N. Vidal

Rebel yell

Huk sa Bagong Pamumuhay
Directed by Lamberto Avellana

AVAILABLE ON filmmaker Mike de Leon’s Citizen Jake Vimeo site: Lamberto Avellana’s postwar drama Huk sa Bagong Pamumuhay (Huk in a New Life, 1953), about a wartime guerrilla who, out of desperation, joins communist forces seeking to overthrow the Filipino government. Produced by De Leon’s grandmother Doña Narcisa de Leon, it was unabashedly anticommunist pro-American propaganda, the third such effort by Doña Sisang’s LVN Studios. The print on this website — a not-especially-clear recording from a DVD — emphasizes the slant: some of the dialogue is in English, and much of the Filipino dialogue is overdubbed with English narration, reportedly by Avellana himself, carefully explaining the motivation of characters and significance of each scene: “If I had known then what Maxie (Joseph de Cordova) really represented, things might have been different.”

The foreboding voiceover narration could arguably be Avellana’s concession to the noir genre, which loves foreboding voiceover narration. The narration continues for the rest of the picture, but the film, I submit, does rise beyond the limitations, thanks mostly to the performances and Avellana’s direction.

The story starts literally with a bang: Carding (Jose Padilla, Jr.), sudden and huge onscreen, flings a grenade at a Japanese truck as an opening salvo to a guerrilla assault. At one point, Carding’s commanding officer Maxie shoves him to the ground away from rifle fire; Carding’s cheek is scraped hard, blood streaming from the wound, leaving a scar that marks him for the rest of his life.

Carding comes home an honored veteran but is soon laid low not by any one cause but by a perfect storm of events: Maxie (in a shadowy noir-inspired scene) conspires with American communist leader Mac (Rolf Bayer, who also wrote the screenplay) to withhold Carding’s pay; Carding is cheated out of his family land by the usuriously corrupt Mr. Vargas (Leonardo Fernandez); Carding, who has a temper, unjudiciously strikes Vargas with a shovel, opening himself up to assault charges; Avellana tops matters off with an actual storm, a typhoon that lays waste to the crops and Carding’s prospects in a single night.

Carding waits to be arrested (for hitting Vargas) but Maxie appears Mephisto-like ahead of the police with an offer: rejoin us, the Huks, your former comrades-in-arms. The Hukbong Bayan Laban sa Mga Hapon (Nationalist Forces Fighting the Japanese) — or Hukbalahap as they are more popularly known (Huks by the English speaking press) were a wartime force organized by the communists against the Japanese that persisted beyond the war, later fighting the Filipino government on behalf of guerrillas who were denied their salary.

The Huks may have a point. Filipino veterans to this day struggle for recognition by — and full rights from — the United States for their role in the war; Avellana and Bayer had to invent Maxie and behind him Mac (played by Bayer himself to resemble William Pomeroy, down to the glasses and Filipina wife) to account for the injustice.

Bayer’s Mac is an amusing invention, not the least because his features and delivery remind one of a slimmer, more garrulous Spencer Tracy; De Cordova’s Maxie is the more interesting figure, his fervor developing into fanaticism and then bloodthirsty megalomania (“If they fight back?” “We kill everyone.”) with a pause along the way to recognize longstanding friendship (“I would have died without you”) — even if he has been victimizing that friend for years. But what best sells Avellana’s point, holds together and humanizes the picture, is Padilla — his Carding, a simple man of the earth, acquires monumental stature as Avellana shoots him in giant closeup, straining against a plow or screaming at a stormy sky or swinging an ax against a great tree trunk. At the same time there’s some psychological shading, the scar on his cheek suggesting both the lingering effects of war and of Maxie’s persistent moral claim on his life.

Not that Carding suffers from PTSD; no, that fate is given to Carding’s comrade and soon-to-be brother-in-law Hesus (Leroy Salvador), who, at seeing his dead friends, loses the ability to speak. You might say the war has splintered Carding into three figures: Maxie (Marxie?), who represents political idealism; the aptly named Hesus, who represents mute humanity; and Carding himself, who represents the sorely tried self caught between warring impulses. When Carding the Huk commander is captured, it’s Hesus who fires the crucial gun; later Hesus approaches the bandaged Carding, begging forgiveness for his role in the capture. Avellana’s staging is I think crucial: he shoots past Carding’s broad forbidding back at Hesus’ imploring face. Carding orders Hesus to approach; suddenly Hesus’ face changes expression, Carding ruffles the young man’s hair affectionately, and the two embrace. Through blocking and camera placement Avellana subtly points up the drama of the occasion, presenting a reconciliation between humanity (Hesus) and self (Carding) — arguably the film’s most moving moment.

The third act is shot in an actual EDCOR camp (Economic Development Corp., a government-established program to resettle insurgents). Carding has always been strong, and hesitates buying into the government’s peace overtures. The process of integration is long and physically demanding: Carding works hard to clear land and build a relationship with his fellow laborers (most former Huk fighters), is ultimately voted into office as the community’s mayor, but it’s only when this new life is threatened — by Maxie again, this time infiltrating the camp as an undercover agent — that Carding finds himself forced to make a choice: reject the program or totally commit to it.

It is interesting to compare Avellana’s style to Gerardo de Leon’s: the latter often tilts the camera just so, giving his human figures a looming monumental feel; sometimes he resorts to long shots of tiny figures running against a vast unforgiving landscape. Avellana, coming from the theater stage, puts emphasis not on landscape and people but on people with people: medium shots, often from the waist up, to better capture the behavior of characters as they talk, gaze, touch each other, confirming friendships, debating issues, attempting to establish connection. When he does resort to an unusual shot the contrast is more startling: Soldiers swarm out of a dark stone doorway, firing at attacking Huks; as the rebels gain the upper hand the Huks run into the same doorway, in reverse flow. Later he upends the doorway composition to gruesome effect, setting up his camera at the bottom of a rectangular pit (an open grave?) looking up instead of looking out; the Huks kill a man accused of treason and his body falls halfway across the pit’s edge, head and arms hanging upside down.

Into battle sequences Avellana inserts shots of women and children wounded or killed; the atrocities escalate to Carding’s in-laws — always with the fighting there’s a cost, usually in civilian deaths.

I’d mentioned a typhoon wiping out Carding’s farm and Avellana presets the moment with full Lear grandeur: Carding standing against a roiling sky, wind and water whipping his back as he vents his anger and despair. The nature theme continues in the EDCOR camp, where a half-naked, well-muscled Carding swings his ax; with the tree felled, Carding stands on the trunk with confident equanimity, the status between nature and man restored (mostly to man’s satisfaction). These sequences and earlier sequences of Carding pushing a plow are, I submit, more effective propaganda than either explicit dialogue or narration: they suggest that dignity in labor and in the common man is possible without communist ideology, and with government support.

Then there’s Hesus in mid-distance, firing at Carding’s receding figure; Carding falls against a backdrop of towering bamboo — an oddly serene, almost Japanese moment on which the plot turns. You wonder at Avellana’s thinking here, why he chose to compose the shot thusly: fatalistic acceptance of the inevitable? Ironic counterpoint to violent betrayal? Or just a startlingly beautiful image, arguably the most memorable in the film? One wonders. Avellana at first glance is an understated, unpretentious filmmaker with simple aspirations and strategies, until he’s not; then he seems large, he seems to contain multitudes.

Netflix to let shareholders nominate board members

NETFLIX INC on Wednesday amended its bylaws to allow its shareholders with a 3 percent stake to nominate board members, a year after shareholders voted in favor of such a proposal, known as proxy access.

The video streaming company said on Wednesday that a shareholder, or a group of up to 20 stakeholders, owning at least 3 percent of its outstanding shares for at least three years may nominate up to two directors, or can have a representation of up to 20 percent of the company’s board.

“The board periodically reviews our corporate governance, and determined that adopting proxy access is appropriate at this time,” Netflix said in an emailed statement.

A non-binding proposal to adopt the proxy access bylaw was approved at its annual meeting in June.

Netflix had previously opposed the proposal by shareholders, including California Public Employees’ Retirement System (CalPERS), of providing investor access to director nominations.

“By enacting proxy access, Netflix is finally giving investors a meaningful voice in board elections and they are no longer an outlier holding out on their long-term shareowners,” New York City Comptroller Scott Stringer said.

CalPERS, which owned about 689,000 shares of the company as of Dec. 31, said it did not have comment on specifics at Netflix. — Reuters

Senate eyes law to restructure PNOC

THE chairman of the Senate committee on energy is looking at a law that will restructure the state-led Philippine National Oil Co. (PNOC) by abolishing its existing subsidiaries and directing its focus away from non-exploration activities.

“We’re working on restructuring ’yung PNOC and to sharpen its mandate to purely oil and gas exploration,” Senator Sherwin T. Gatchalian, who chairs the committee, told reporters on Wednesday after a Senate hearing on a separate energy issue.

He said the restructuring will cover the parent company, an agency attached to the Department of Energy (DoE) and chaired by the Energy secretary.

“PNOC everything. We’re working on that. This is a model we saw in Japan.

Wala na’ng trading, wala na’ng RC (PNOC Renewables Corp.), wala na’ng Jatropha, wala na’ng property. Just oil and gas ka lang (No more trading, no more PNOC Renewables Corp., no more Jatropha, no more property development]. Just oil and gas exploration),” Mr. Gatchalian said.

He cited the PNOC’s unsuccessful push to propagate Jatropha in order to produce biofuel, at a cost of P2.4 billion. He also mentioned the now-abandoned plan by the PNOC Exploration Co. to import Euro 2 fuel, a cheaper but dirtier fuel to replace Euro 4, to soften the impact of rising fuel prices.

“Let’s just concentrate on oil and gas discovery kasi ’yun naman ang mandato niyamaghanap, upstream (because that is its mandate — to discover fuel upstream),” Mr. Gatchalian said.

Asked whether a provision in PNOC’s mandate that requires congressional approval for its capital expenditure, he said the spending safeguard will remain.

“We will retain. We will tighten the power of Congress over this new entity that we’re thinking. But the bottomline here is we will refocus it to purely upstream oil and gas so that we will be secure in our energy needs,” he said.

Mr. Gatchalian said the country still has service contracts that have yet to be awarded. He said he would file the bill in the next Congress. He said the move has not yet been discussed with PNOC officials.

“This is something that we learned when we visited Japan. We’ll file it as a law,” he said.

Sought for comment, Energy Undersecretary William Felix B. Fuentebella said he has yet to see the details of the proposed restructuring.

Tingnan natin. Hindi ko pa nakikita ’yung proposal (We’ll see. I haven’t seen the proposal). If it will make it more efficient, we’ll see,” he said. — Victor V. Saulon

China Bank eyes P75B via bond issuance

CHINA BANKING Corp. (China Bank) will raise up to P75 billion through the issue of peso-denominated securities to support its initiatives and expansion.

In a disclosure to the local bourse on Thursday, the Sy-led bank said its board of directors approved on Wednesday the issuance of up to P75 billion in retail bonds or commercial papers.

The fund-raising activity will be conducted in several tranches within the next three years.

“The proceeds shall be used to support the bank’s strategic initiatives and expansion program,” China Bank said in the regulatory filing.

It added that the P75-billion corporate bond program is in line with the lender’s intention to be an active participant in the ongoing expansion of the country, as well as the government’s infrastructure initiatives.

In a bid to deepen capital markets, the central bank in August simplified the process for lenders to raise fresh funds through bonds, removing the requirement to secure regulatory approval.

Big banks such as BDO Unibank, Inc., Metropolitan Bank & Trust Co., as well as Bank of the Philippine Islands have already raised fresh capital via bonds to diversify funding sources and expand their businesses.

Security Bank Corp. and Philippine National Bank have also established their own peso-denominated bond programs worth P50 billion and P100 billion, respectively, which will also be issued through tranches.

In July, China Bank raised P10.25 billion from the first tranche of its P20-billion long-term negotiable certificates of time deposit program, with the proceeds be used to support expansion and other initiatives.

The sixth-biggest commercial bank in the country booked an P8.1-billion net income in 2018, up 7% from the P7.4 billion tallied in 2017, propelled by sustained growth of its core businesses.

Shares in China Bank closed at P26.85 each on thursday, up five centavos or 0.19%. — Karl Angelo N. Vidal

Rising corporate market power could hit workers, investment: IMF

WASHINGTON — The growing market power of a small fraction of companies in wealthy countries could crimp investment and hurt workers, the International Monetary Fund said on Wednesday, as the growing role of tech giants like Google fuels debate about regulation of the industry.

The IMF did not name names in its latest World Economic Outlook, but said interest in the problem has mounted amid the rise of the tech industry.

“Further increases in the market power of these already-powerful firms could weaken investment, deter innovation, reduce labor income shares, and make it more difficult for monetary policy to stabilize output,” the IMF said.

The report comes just weeks after the U.S. Democratic senator and presidential candidate Elizabeth Warren vowed to break up Amazon.com Inc, Facebook Inc and Alphabet Inc’s Google. She has proposed legislation that would require tech companies that offer online marketplaces to refrain from competing on their own platform and promised to nominate regulators who would unwind acquisitions like Facebook’s deal for WhatsApp and Instagram.

The IMF said the evidence for a “moderate” rise in corporate market power in advanced economies lies in increasing mark-ups charged by a small fraction of companies. While the impact has been modest so far, “it could grow increasingly negative” if dominance of the high-mark-up firms rises further.

“With mounting risks of adverse growth and income distribution effects from rising corporate market power, policymakers should keep future market competition strong,” the IMF said.

The fund stopped short of recommending a breakup of large companies, but advocated for slashing domestic barriers to entry, changing competition policy, and easing obstacles to technological catch-up by lagging firms. — Reuters

What to see this week

6 films to see on the week of April 5 — April 11, 2019

Shazam!

WHEN teenager Billy Batsons shouts the word “Shazam!,” he instantly transforms into a tall and strong superhero. Still a kid at heart, he explores his special powers and has fun with them but soon has to use them to fight the forces of evil controlled by Dr. Thaddeus Sivana. Directed by David F. Sandberg, the film stars Zachary Levi, Lovina Yavari, Jack Dylan Grazer, and Mark Strong. Rolling Stones’ Peter Travers writes: “Best known for starring in Chuck and as the neurotic, non-comformist Jewish doctor on The Marvelous Mrs. Maisel, the actor owns the role. He’s a firecracker. And his teamwork with Grazer is comic gold, as they awkwardly and uproariously work out what powers the kid now possesses.”

MTRCB Rating: PG

Pet Sematary

BASED on Stephen King’s horror novel the film follows a family that moves from Boston to rural Maine where they discover a burial site near their new home. When unusual things occur, a chain horrific consequences follow. Directed by Kevin Kölsch and Dennis Widmyer, the film stars Jason Clarke, John Lithgow, and Amy Seimetz. IndieWire’s Britt Hayes writes: “The new version of Pet Sematary is both darkly humorous and quite chilling, modernizing some of the cheesier emotional beats of that earlier adaptation.”

MTRCB Rating: R-16

Inner Ghosts

HELEN previously worked to train others to communicate with ghosts. Now dedicating her time to brain research, visitors from the other side gift her with a mysterious device which comes with great risks. Directed by Paolo Leite, the film stars Celia Williams, Elizabeth Bochmann, and Iris Cayatte. “Inner Ghosts is predominantly a film about ideas — the conflict between religion, spirituality and science. For the most part it’s a very talky film… That’s not to say it doesn’t take a dark turn about two thirds in, with one particular scene guaranteed to shock audiences expecting 90 minutes of chin stroking erudition,” writes David Dent of Dark Eyes of London.

MTRCB Rating: R-13

It Started with a Kiss (a.k.a. Fall in Love at First Kiss)

BASED on the popular manga series Itazura na Kiss, the film follows Xiang Qin who has a crush on the school genius Jiang Zhi Shu. When her house collapses after an earthquake, her dad’s good friend offers them a place to stay along with Jiang Zhi Shu. She soon finds herself in love with him. Directed by Yu Shan Chen (as Frankie Chen) the film stars Darren Wang and Jelly Lin. “The resolution of Chen’s film… is as inevitable as it is contrived and naggingly frustrating. One suspects the faithful fan base will be more forgiving of the outcome, despite what it peddles as acceptable ways for young men and women to behave and treat each other,” writes James Marsh of the South China Morning Post.

MTRCB Rating: R-16

Manikarnika: The Queen of Jhansi

THE film is based on the life of Queen Rani Lakshmi Bai who refused to cede her kingdom to the British Empire in 1857. Directed by Radha Krishna Jagarlamudi, the film stars Kangana Ranaut, Rimi Sen, and Edward Sonnenblick. “The film is only set on making Laxmibai a hero (but we already knew that). A little insight into her mind would have been nice,” writes Reuters’ Shilpa Jamkhandikar.

MTRCB Rating: R-13

Portrait of My Love

A COUPLE are shot multiple times, and while their bodies are in a coma, the woman’s soul wanders around, tries to seek revenge, and finds friendship with other wandering souls. Directed by Poap Manansala, the film stars Polo Ravales and Kiray Celis.

MTRCB Rating:PG